In the competitive world of B2B sales, data-driven insights are critical for making informed decisions and driving growth. One powerful feature of the HubSpot Sales Hub is its ability to create calculated properties that provide actionable information. In this article, we’ll explore the impact of calculated properties on sales, discuss the benefits they offer, and provide a step-by-step guide to setting them up within HubSpot Sales Hub. Additionally, we’ll examine a relevant example and discuss how Radiant can help you make the most of HubSpot’s features.
What is a Calculated Property?
A calculated property in HubSpot allows you to automatically compute values based on various criteria. This can include values from associated records, the time difference between two properties, or even custom equations you set up. As an example, you can create a contact property that calculates the average amount of a contact’s associated deals or a company property that calculates the cost to acquire a new customer based on a custom equation.
Why Use Calculated Properties in HubSpot?
It offer a dynamic way to derive insights from your data without manual calculations. They can help in scenarios like:
- Understanding the average deal size for a contact.
- Calculating the time taken from lead acquisition to deal closure.
- Rounding off values for better presentation in reports.
- Creating custom metrics based on specific business logic.
By leveraging calculated properties, businesses can make more informed decisions, streamline their processes, and gain a deeper understanding of their data in HubSpot.
What are the Benefits of Calculated Properties in Correlation to Sales
Incorporating this feature into your sales process offers several advantages:
- Enhanced Data Analysis: Calculated properties enable you to analyze data from multiple sources, providing a more comprehensive understanding of your sales performance.
- Improved Decision-Making: Armed with better data, your sales team can make more informed decisions that lead to increased sales and improved customer relationships.
- Customized Metrics: Calculated properties allow you to create custom metrics tailored to your business needs, helping you track and measure the success of your sales strategies.
- Streamlined Processes: By automating calculations, calculated properties save time and minimize the risk of errors, allowing your sales team to focus on what they do best selling.
How to Use Calculated Properties in HubSpot:
- In your HubSpot account, click the settings icon located in the main navigation bar. Then, in the left sidebar menu, navigate to Properties.
- Click the “Select an object” dropdown menu and choose the [Object] properties option to create a property for that specific object.
- Now you can enter the basic information for your property and click “Next.” Select “Calculation” as the Field type. Keep in mind that the field type cannot be edited once your Calculation property is created.
- Click “Build calculation.” Then, click the “Calculated property type” dropdown menu and choose the type of formula you want to create.
- If you want to add an additional condition, click “Create condition.” When an extra condition is set up, it must be met for the property to be calculated (e.g., calculate the property when the recent deal amount > 1000).
- Finally, click “Create.” Once the property is created, its displayed field type will be either Equation or Rollup, depending on the calculated property type you selected.
An Example where it’s Relevant for a Company
Imagine a B2B company that offers marketing services to other businesses. To optimize their sales efforts, they decide to implement calculated properties within HubSpot.
One they created is ‘Customer Lifetime Value,’. By analyzing this data, the sales team can identify high-value clients and focus on nurturing those relationships.
Another one the company sets up is the ‘Lead Conversion Rate,’ which measures the percentage of leads that become customers. This information helps the sales team pinpoint which marketing channels and tactics are most effective in generating new business.
In both cases, this feature provides valuable insights that guide the company’s sales strategies, resulting in more targeted efforts and ultimately driving growth.
How Radiant can help you Utilize Features within HubSpot
At Radiant, our team is dedicated to helping B2B companies optimize their sales processes and fully leverage HubSpot features. We provide comprehensive onboarding, training, and support to ensure that you can maximize the benefits of HubSpot Sales Hub for your business.